Despite some profit booking emanating at higher levels, markets are holding on to their gains. However, going ahead some consolidation or temporary weakness cannot be ruled out as some more liquidity tightening measures to curb inflation are announced. Also international tensions are still prevalent and crude prices continue to soar. Valuations too are not very compelling. Therefore we suggest some profit booking at this stage for investors though short term traders may retain a positive bias with an appropriate stop loss.
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